Yes, it's quite easy.
I would recommend using a Wien bridge oscillator. You can find many examples on the web, using a variety of amplitude stabilising methods. I suggest you have a search so you can decide which method you want to use.
Here's one version which I designed. The amplitude control may be rather more complicated than you want, but it works well.
The frequency of a Wien oscillator is given by the following equation
A value of 120k for the two Rs and 27nF for the two Cs give a calculated frequency of 49Hz. You may have to make small adjustments, as necessary, to get the frequency exact - if it's important.
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I used the same method which you mentioned to make a 50Hz 220V power supply for my record turntable when I was living in South America, where the local mains was about 60Hz and somewhere around 110V. Neither of those figures being reliable. I did actually start with a special chip which gave a precise 50Hz out. It was derived from a crystal oscillator with a suitable dividers in the chip. The output was a square wave, which I passed through a band pass filter.
The sine wave drove a 4 -5 watt amplifer which had a reversed mains transformer at its output.
I don't think the chip is manufactured any more. But that's irrelevant